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Stocks extended the losing streak on Tuesday as large-cap shares of BAT Bangladesh and Grameenphone kept falling after the removal of floor prices.
The stock of BAT Bangladesh tumbled 8.13 per cent further to Tk 440.8, the second trading day after lifting the floor, as investors sold their holdings fearing further erosion.
Moreover, Grameenphone, whose floor price was lifted on Sunday, also lost 1.70 per cent further to Tk 252.6 on Tuesday.
The withdrawal of the floor price for GP and BAT Bangladesh, coupled with the addition of six more stocks to the Z category, further exacerbated the market’s downturn, said a stockbroker.
As a result, the prime index of the Dhaka Stock Exchange went down by 44 points or 0.71 per cent to close at Tk 6131, the lowest in more than a month. The DSEX lost about 142 points in the past five trading days.
Two other indices also ended lower. The DS30 index, which consists of blue-chip companies, lost 10.6 points to 2,097, while the DSES index, which represents Shariah-based companies, dropped more than 4 points to 1,340.
The turnover stood at Tk 8.44 billion, up 6.30 per cent over the previous day’s turnover of Tk 7.64 billion.
Losers took a strong lead over gainers, as out of 397 issues traded, 232 saw prices fall, 102 witnessed price appreciation, and 63 remained unchanged.
City General Insurance became the most-traded share, with shares worth Tk 593 million changing hands, followed by BATBC, Fu-Wang Ceramic, Central Pharma, and Lovello Ice-Cream.
The Chittagong Stock Exchange also ended lower, with its All Shares Price Index (CASPI) losing 144 points to 17,595 and the Selective Categories Index (CSCX) shedding 81 points to 10,559.